Terrorism Risk Insurance Program Reauthorization Act of 2007

An original bill to reauthorize the Federal terrorism risk insurance program, and for other purposes.

11/1/2007--Reported to Senate without amendment. (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Terrorism Risk Insurance Program Reauthorization Act of 2007 -
(Sec. 2) Amends the Terrorism Risk Insurance Act to revise the definition of an act of terrorism for terrorism risk insurance purposes to eliminate the requirement that the individual or individuals committing a terrorist act be acting on behalf of any foreign person or foreign interest.
Extends the Terrorism Risk Insurance Program through calendar 2014.

(Sec. 4) States that no insurer may be required to make payment for insured losses in excess of its statutory deductible, combined with its statutory share of insured losses.
Requires the Secretary of the Treasury to:
(1) notify Congress within 15 days of an act of terrorism on whether the Secretary estimates that aggregate insured losses will exceed $100 billion;
(2) promulgate final regulations for determining the pro rata share of insured losses which exceed $100 billion; and
(3) report to Congress on the process used to determine the allocation of pro rata payments when insured losses exceed $100 billion.
Requires insurers to disclose to policyholders the $100 billion cap on liability.

(Sec. 5) Directs the Comptroller General to study and report to certain congressional committees regarding:
(1) the availability and affordability of insurance coverage for losses caused by terrorist attacks involving nuclear, biological, chemical, or radiological materials;
(2) the outlook for such coverage in the future;
(3) the capacity of private insurers and state workers compensation funds to manage risk associated with such events; and
(4) whether there are specific markets in the United States with unique capacity constraints on the amount of terrorism risk insurance available.


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Sponsor

• Sen. Christopher Dodd [D, CT]

Committees

• Senate Banking, Housing, and Urban Affairs

Amendments

This bill has no amendments.

Amendments to S.2285

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
November 01, 2007

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All Bill Actions

• Added to calendar on Nov 01, 2007: Placed on Senate Legislative Calendar under General Orders. Calendar No. 461..
• Nov 01, 2007: Committee on Banking, Housing, and Urban Affairs. Original measure reported to Senate by Senator Dodd. With written report No. 110-215.
• Introduced on Nov 01, 2007.

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Related Bills:

• H.R.2761
• H.R.4299

Related Issue Areas:

• Finance
• Administrative procedure
• Biological warfare
• Business
• 18 more
• Casualty insurance
• Chemical warfare
• Compensation (Law)
• Congress
• Congressional investigations
• Congressional reporting requirements
• Criminal justice
• Department of the Treasury
• Executive departments
• Insurance companies
• Insurance premiums
• Law
• Losses
• Nuclear terrorism
• Property insurance
• Reinsurance
• Terrorism
• Weapons systems

Data from the Congressional Research Service

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Blog Coverage

October 31, 2007 Bill Action: Scheduled for Debate: S. 2285: An original bill to ...

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October 31, 2007 S. 2285, An original bill to reauthorize the Federal terrorism ...

S. 2285 would reauthorize the Federal terrorism risk insurance program.... Vote on This Bill: For | Against.

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October 31, 2007 Bill Introduced: S.2285 An original bill to reauthorize the ...

An original bill to reauthorize the Federal terrorism risk insurance program, and for other purposes.

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